In many ways, buying a retirement village unit is even more complicated
than buying any other type of residential property. There are different
forms of legal title and occupancy rights available, there is the
ongoing cost of services and maintenance of facilities in the village,
and then what fees, charges or capital gain sharing may apply when the
unit is sold again later on. Different transaction costs may or may not
apply to a purchase, such as stamp duty, lease registration fees and a
village operator’s legal costs.
While these legal and
financial complexities should not detract from the benefits of village
living, it is very important to obtain legal advice before you buy a
retirement village unit. You need to be fully informed of all the costs
and issues which may arise and ensure there are no surprises or
unanticipated problems later on.
Seniors Housing Online has
been fortunate to talk to Richard McCullagh BA LLB, a very experienced
NSW solicitor who has specialized in retirement village law for the past
25 years, previously working for village operators and who now works
for village residents (or prospective residents). He has seen huge
consolidation in the industry in the last 5 years as well as keeping up
with ever-changing government regulation.
We asked Richard to answer some common questions about buying a
retirement village unit, including the pros and cons of the different
types of legal title and occupancy arrangements.
Read the article on the Seniors Housing Online News page.
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Wednesday, September 19, 2012
Pros and Cons of legal title options in retirement villages.
Posted by
Amanda@SeniorsHousingOnline
Labels:
lawyer,
lease,
legal title,
license,
loan,
occupancy rights,
retirement village law,
retirement villages,
stamp duty,
strata title
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